That dollar amount of Filipino spending reflects a 26.7% increase from $115.1 billion in 2018, and a 26.7% year-over-year acceleration from $124.4 billion during 2021.
Based on the average exchange rate for 2022, the Philippine peso depreciated by -3.4% against the US dollar since 2018 and diluted by -10.6% from 2021 to 2022. Weaker local currency in the Philippines makes Filipino imports paid for in stronger US dollars relatively more expensive when converted starting from the Philippine peso.
Major Suppliers by Country for Filipino Imports
The latest available country-specific data shows that 82.4% of products imported by the Philippines were supplied by exporters in: mainland China (20.4% of the global total), Indonesia (9.6%), Japan (9%), South Korea (8.7%), United States of America (6.6%), Singapore (5.8%), Thailand (5.2%), Taiwan (4.9%), Malaysia (4.6%), Vietnam (3.3%), Hong Kong (2.2%) and Australia (2.1%).
Applying a continental lens, trade partners also in Asia supplied 80.6% of imports delivered to the Philippines while 7.5% worth of goods originated from North America. Another 7.1% were sold by suppliers in Europe.
Tinier percentages came from Oceania (2.7%) led by Australia and New Zealand, Latin America (1.8%) excluding Mexico but including the Caribbean, then Africa (0.3%).
Given the Philippine population of 111.6 million people, its total $145.9 billion in 2022 imports translates to $1,300 in yearly product demand from every person in the Southeast Asian nation. That dollar amount exceeds the average $1,130 one year earlier in 2021.
Philippines Top 10 Imports
The following product groups represent the highest dollar value worth of import purchases during 2022. Also shown is the percentage share each product category represents in terms of overall imports into the Philippines.
- Electrical machinery, equipment: US$32.5 billion (22.3% of total imports)
- Mineral fuels including oil: $25.8 billion (17.7%)
- Machinery including computers: $11.8 billion (8.1%)
- Vehicles: $8.8 billion (6%)
- Iron, steel: $5.2 billion (3.6%)
- Plastics, plastic articles: $4.6 billion (3.1%)
- Cereals: $4.3 billion (3%)
- Optical, technical, medical apparatus: $3 billion (2.1%)
- Food industry waste, animal fodder: $2.8 billion (1.9%)
- Pharmaceuticals: $2.7 billion (1.9%)
The Philippines’ top 10 imports accounted for over two-thirds (69.6%) of the overall value of its product purchases from other countries.
Imported mineral fuels including oil posted the fastest-growing increase in value among the top 10 import categories, up 66.4% from 2021 to 2022.
In second place were imports of food industry waste and animal fodder into the Philippines (up 35.7% from 2021), then imported cereals (up 25.5%) and vehicles (up 25.3%).
The lone decliners among the leading Filipino imports was the pharmaceuticals product category, falling by -26.9% year over year.
Note that the results listed above are at the categorized two-digit Harmonized Tariff System (HTS) code level.
The analysis below presents a more detailed view of imported goods at the four-digit HTS code level.
From the four-digit HTS code perspective, buyers in the Philippines spent the most on imported electronic integrated circuits and microassemblies (11.8% of Filipino imports), processed petroleum oils (9.9%), coal including solid fuels made from coal (4.1%), crude oil (2.6%), cars (2.4%), wheat (1.8%), phone devices including smartphones (1.7%), computer parts or accessories (1.5%), solar power diodes and semi-conductors (also 1.5%), then soyabean oil-cake and other solid residues (1.3%).
Top Electrical Products Imported into the Philippines
Filipino importers spent the most on the following 10 subcategories of electronic equipment including consumer electronics.
- Integrated circuits/microassemblies: US$17.3 billion (up 11.9% from 2021)
- Phone devices including smartphones: $2.5 billion (down -24.2%)
- Solar power diodes/semi-conductors: $2.1 billion (up 16.4%)
- Insulated wire/cable: $1.5 billion (up 8.3%)
- Printed circuits: $1.4 billion (up 17.1%)
- Lower-voltage switches, fuses: $897.5 million (down -2.5%)
- Electrical converters/power units: $817.7 million (down -16.7%)
- Magnets including electro-magnets: $648.6 million (up 25.4%)
- Electric storage batteries: $513.8 million (up 16.3%)
- TV receivers/monitors/projectors: $418.5 million (down -8.9%)
Among these import subcategories, Philippine purchases of magnets including electro-magnets (up 25.4%), printed circuits (up 17.1%), then solar power diodes and semi-conductors (up 16.4%) grew at the fastest pace from 2021 to 2022.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported electronics among Filipino businesses and consumers.
Top Mineral Fuels and Related Products Imported into the Philippines
Filipino importers spent the most on the following 10 subcategories of mineral fuels-related products.
- Processed petroleum oils: US$14.4 billion (up 54.4% from 2021)
- Coal, solid fuels made from coal: $6 billion (up 109.3%)
- Crude oil: $3.8 billion (up 100.5%)
- Petroleum gases: $1.3 billion (up 4.5%)
- Natural bitumen, asphalt, shale: $77.7 million (up 47.9%)
- Petroleum oil residues: $57.1 million (up 214.9%)
- Coke, semi-coke: $40.1 million (up 390.5%)
- Coal tar oils (high temperature distillation): $29.9 million (down -0.5%)
- Petroleum jelly, mineral waxes: $8.6 million (down -3.2%)
- Asphalt/petroleum bitumen mixes: $577,000 (down -9.3%)
Among these import subcategories, Philippine purchases of coke or semi-coke (up 390.5%), petroleum oil residues (up 214.9%), then coal including solid fuels made from coal (up 109.3%) grew at the fastest pace from 2021 to 2022.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported fossil fuel-related products among Filipino businesses and consumers.
Top Machinery Including Computers Imported into the Philippines
Filipino importers spent the most on the following 10 subcategories of machines including computers.
- Computer parts, accessories: US$2.2 billion (down -17.4% from 2021)
- Computers, optical readers: $1.3 billion (up 10.4%)
- Machinery for making semi-conductors: $616.5 million (up 21.7%)
- Miscellaneous machinery: $568 million (down -14.5%)
- Heavy machinery (bulldozers, excavators, road rollers): $555.3 million (up 14.2%)
- Printing machinery: $540.8 million (down -2.9%)
- Air conditioners: $457.6 million (up 21.8%)
- Refrigerators, freezers: $452 million (up 5.5%)
- Air or vacuum pumps: $353.6 million (up 18.2%)
- Material removal machine-tools: $348.2 million (up 84.4%)
Among these import subcategories, Philippine purchases of material removal machine-tools (up 84.4%), air conditioners (up 21.8%), then machinery for making semi-conductors (up 21.7%) grew at the fastest pace from 2021 to 2022.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported machinery among Filipino businesses and consumers.
Top Vehicles Imported into the Philippines
Filipino importers spent the most on the following 10 subcategories of vehicles-related products.
- Cars: US$3.6 billion (up 57% from 2021)
- Trucks: $1.9 billion (up 7.4%)
- Motorcycles: $1.9 billion (up 9.4%)
- Automobile parts/accessories: $499.7 million (up 23.4%)
- Public-transport vehicles: $294.7 million (up 31.9%)
- Motorcycle parts/accessories: $221.1 million (down -6%)
- Tractors: $112.8 million (down -30.1%)
- Armored vehicles, tanks: $90.3 million (up 100,217%)
- Special purpose vehicles: $77.7 million (up 13.8%)
- Chassis fitted with engine: $44.1 million (up 116.1%)
Among these import subcategories, Philippine purchases of armored vehicles including tanks (up 100,217%), chassis fitted with engine (up 116.1%), then cars (up 57%) grew at the fastest pace from 2021 to 2022.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported vehicles-related products among Filipino businesses and consumers.
See also Philippines Top 10 Exports and Philippines Top Trading Partners
Research Sources:
Central Intelligence Agency, The World Factbook Country Profiles, Central Intelligence Agency. Accessed on May 22, 2023.
International Monetary Fund, Exchange Rates selected indicators (National Currency per U.S. dollar, period average). Accessed on May 22, 2023
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on May 22, 2023
Investopedia, Net Exports Definition. Accessed on May 22, 2023
Trade Map, International Trade Centre. Accessed on May 22, 2023
Wikipedia, List of Companies of the Philippines. Accessed on May 22, 2023
Wikipedia, Philippines. Accessed on May 22, 2023
